Xcel Energy Inc. reported that its Colorado utility subsidiary, Public Service Company of Colorado, reached a comprehensive non-unanimous settlement in its pending natural gas rate case before the Colorado Public Utilities Commission. The settlement was filed on July 13, 2026, by Public Service Company of Colorado, CPUC Staff, the Colorado Office of the Utility Consumer Advocate, the Colorado Energy Office, Western Resource Advocates/Sierra Club, Energy Outreach Colorado and various other parties. Several parties either do not oppose the settlement or take no position, while one transportation shipper opposes it. The agreement would authorize a $123 million natural gas revenue increase for Public Service Company of Colorado, equal to a 7.5% total increase. Xcel noted that this equates to an annual average increase of 3.7% since the utility’s last rate case. The settlement is based on a 2025 historic test year using average rate base, with forward-looking known and measurable adjustments. The proposed settlement represents a reduction from the company’s original request. In December 2025, Public Service Company of Colorado filed the rate case seeking a $190 million revenue increase, or 11.6%. That request was based on a 10.75% return on equity, a 55% equity ratio and a 2025 test year with projected rate base of $4.7 billion. Under the July 2026 settlement, the allowed return on equity would be 9.2%, and the equity ratio would be 54.5%. Those terms are key regulatory inputs that affect the utility’s authorized earnings and cost recovery on its natural gas infrastructure investments. Hearings on the settlement are scheduled for July 2026. Xcel Energy said it anticipates a CPUC decision and implementation of final rates in the fourth quarter of 2026. The filing was made under Item 8.01, “Other Events,” and includes standard forward-looking language noting that the outcome and timing of the regulatory proceeding remain subject to risks and uncertainties.